- Binance launching margin trading
- Robinhood launches crypto in NY
- AT&T accepts BTC for bill payment
- Grayscale’s ETH Trust approved
- Montana law exempts utility tokens
Binance launching margin trading
Cryptos is maturing and its exchanges are getting closer to modern day exchanges. Yet another step towards this week, as Binance, confirmed it will be launching a margin trading service. While the announcement was accidental as the cryptocurrency exchange by mistake tweeted images suggesting the service was in development, it was very well received by the crypto communities. The screenshots contained a dedicated tab titled “Margin,” with a message saying that margin trading carries a “higher potential profit,” but also “greater risks.” Margin trading refers to using borrowed funds from a broker or exchange to trade an asset.
Robinhood launches crypto in NY
This week, people of New York got another crypto exchange when, commission-free trading platform Robinhood officially launched its crypto trading services in the state of New York, the firm said in an announcement. The San Francisco-based company has enabled trading with seven digital currencies with additional services for other coins. The press release mentioned that the users can invest in seven cryptocurrencies on Robinhood Crypto: Bitcoin, Bitcoin Cash, Bitcoin SV, Ethereum, Ethereum Classic, Litecoin, and Dogecoin
AT&T accepts BTC for bill payment
One more news from the Wall Steet where another giant is moving towards cryptos via a partnership. According to the latest news the telecom giant AT&T announced that customers can now pay their bills through Bitpay. The firm has become the first major U.S. mobile and landline carrier to accept BCH and BTC for payments. This is the huge boost for the cryptos as AT&T sits on a huge customer base and the firm is ranked #9 in the U.S. Fortune 500 rankings based on total revenue.
Grayscale’s ETH Trust approved
Well, another news coming in from New York where Grayscale the asset management firm has received approval from FINRA to list its Grayscale Ethereum Trust shares on OTC markets which will become the first publicly-quoted Ethereum-based securities. Grayscale Ethereum Trust (ETHE) currently has $12.5 million in assets under management and was launched in December 2017 during the height of the crypto bubble. The trust was initially only available to accredited and institutional investors at a minimum of $25,000 through private purchases
Montana law exempts utility tokens
Another regulatory victory for the cryptos as the U.S. state of Montana has gone crypto friendly, with new legislation addressing the use of utility tokens. The governor of the U.S. state of Montana, Steve Bullock, signed House Bill 584 into law recognizing utility tokens and exempting them from being considered as securities under local rules, with caveats. The issuer must not market the token as an investment or for speculation, and must still file a notice of intent to sell the tokens with the state’s securities commissioner.
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A blockchain enthusiast, my expertise extends to marketing and advertising through which I was able to help a few notable startups in generating initial traction. Follow me on Twitter at @abhinavagrwl94 and reach out to me at abhinav[at]coingape.com